ICGN celebrates 25 years in 2020 as our Members continue to inspire good governance and stewardship practices worldwide. Today, ICGN Members are based in over 50 countries with investors representing AuM in excess of USD$34 trillion.

With this letter ICGN would like to express our views with regard to the proposed amendments to Exchange Act Rule 14a-8 relating to shareholder proposals.

The winners of the ICGN Global Stewardship Awards, recognising excellence and innovation in investor stewardship were announced at a ceremony in London last week on 26 November. Congratulations to – Canada Pension Plan Investment Board (CPPIB);  Aviva Investors; Martin Currie Investment Management Ltd and Natasha Landell-Mills of Sarasin & Partners. 

ICGN is pleased to launch the 2019 Yearbook exclusively available to ICGN Members. The Yearbook draws on insights from some of the world’s leading commentators on corporate governance issues and this year contributors include: Edward Mason, Anne Simpson, Ong Boon Hwee, Mike Cho, Ian Mackintosh, Kris Douma, Josina Kamerling and more. 

In this letter ICGN would like to respond to the SEC's new releases and the Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice and address our concerns around the potential unintended consequences the Proxy Advisor Interpretation and Guidance may have on investor participation in the proxy voting process, and on the resources involved in the process by which investment advisers render their advice.

ICGN has launched its Policy Priorities initiative to frame ICGN’s policy programme on corporate governance and investor stewardship around our guiding principles for 2020. 

It is important to build understanding on the role of the creditor in corporate governance and to explore areas of commonality and difference with shareholders with regard to corporate governance matters. This can provide a framework for fixed income investors to factor governance related issues into investment analysis and stewardship activities. 

ICGN is pleased to respond to the Organisation of Economic Cooperation and Development (OECD) Public Consultation Document: Secretariat Proposal for a “Unified Approach” under Pillar One. 

ICGN CEO’s Statement to Council in Tokyo focuses on disclosure of voting process and rationale, stewardship activity reporting, proxy advisory services, stewardship across all asset classes and ESG integration.

ICGN writes to express our deep concern related to the proposed amendments to the Foreign Exchange and Foreign Trade Act. We believe such amendments will have the effect of restricting overseas investment in Japan or discounting the value of Japanese companies to overseas investors and is a backward step for recent corporate governance reforms in Japan.

ICGN writes to express caution that the Proposed Rule as written appears to be detrimental to the quality of corporate disclosures, rather than positively enhancing transparency.

This Viewpoint follows an earlier ICGN report on how differential ownership structures allow control over publicly listed companies that are disproportionate to the economic interests and cash flow rights of investors

ICGN is pleased to respond to the Hong Kong Exchanges and Clearing Limited (HKEx) Consultation Paper on Review of the ESG Reporting Guide and Related Listing Rules. ICGN congratulates HKEx on its leadership in promoting (ESG) reporting in the Hong Kong market, and in setting a positive example in the Asian region and globally

It is a matter of good corporate governance for boards to consider in a structured way about how innovation can impact their company. ICGN weighs in on the role of Boards and investors in innovation.

ICGN has announced five issues of most relevance to overseas investors to help advise corporate governance and investor stewardship reforms in Japan. This includes a summary translated into Japanese.

The ICGN Annual Review highlights our work programme achievements from June 2018-June 2019. This includes an assessment of ICGN's financial position to 31st December 2018 and outlines future strategic priorities. The ICGN Annual Review is presented to the Members at the Annual General Meeting to be held at the Hotel New Otani, Tokyo on 16th July 2019.

Investec Asset Management is the latest ICGN Member to publicly endorse our Global Stewardship Principles. Over 40 investors from around the world are listed on the ICGN website to signify joint standards of stewardship policies and practices.